Wednesday, July 1, 2009

California Does Not Have the Worst State Fiscal Crisis

From Credit Writedowns comes the news that New York and Nevada have budget gaps that are nearly one-third of revenues, which is worse than California's relative deficit. Thought you'd like to know.

However, it is old news that the industries New York and Nevada are best known for (finance; and sin) are troubled just now, whereas Hollywood and high-tech are doing just fine, thank you. Is California, the mega-state, going to be forced to be just another large state rather than a proto-nation so rich and (self)- important that it could, for example, repeatedly try to lead the country to enact tougher laws on all sorts of Good Causes?

There may be a strange parallel between the likely relative decline of the importance of America on the world stage with the possible decline in the relative importance of California as first amongst states.

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